Unitech set to announce Indias largest land deal

New Delhi, July 30 | Updated: Jul 31 2006, 05:56am hrs
Real estate major Unitech will soon announce India's largest real estate deal surpassing its earlier Rs 1583 crore deal for a 360 acre plot at Expressway, Noida in May, this year. This land deal, however, will be way above Rs 2,000 crore.

"This will be India's largest land deal. It will be located outside the NCR (National Capital Region) and will be way above the Rs 1586 Noida Expressway deal. We will announce the deal publicly in a few days," Unitech MD Sanjay Chandra told FE on the sidelines of a press conference to announce Unitech's quarterly results.

With the new deal the company will strengthen its focus on outside NCR deals. The Unitech deal will surpass Reliance Industries' Rs 1,104.11 crore bid for the Bandra Kurla complex and DLF's Rs 702 crore bid for National Textile Corporation mill land in January, this year. It also surpasses Parsvnath's Rs 821 crore land deal for a 126-acre plot in Chandigarh's Rajiv Gandhi Technology Park last month.

The Unitech also announced it has split its stock in 1:5 in the Apr-June period, this year. Unitech saw its Q1 '06 net profit at Rs 74 crore, up from Rs 8.24 crore in Q1 last fiscal.

For the Apr-June period, the company's revenues increased 114% to Rs 306.21 crores, as compared to a small base of Rs 141.76 crores in the corresponding period the previous year. Unitech has got in-principle approval for seven IT SEZs in the country.